Homes by TLC, Inc. @ Hopewell Parc - Scotch Road
Please email homesbyTLC@HomeFrontnj.org for more information.
Woodmont at Hopewell, please contact CGP & H at 609-664-2769 ext. 5 or visit www.AffordableHomesNewJersey.com
What is Affordable Housing?
There are currently two rental apartment communities in the Township in which all of the units are affordable; Birchwood at Hopewell senior community (formerly Hopewell Gardens), and Freedom Village at Hopewell. There are also affordable for-sale condominium units at Brandon Farms and Pennington Pointe. These units were constructed as part of the Township’s compliance with the New Jersey Fair Housing Act enacted by the New Jersey State Legislature in 1985. In order to live in the units, households must be income-qualified as either low- or moderate-income households.
Is Affordable Housing subsidized housing?
Rental and sales prices are determined by the NJ Council on Affordable Housing and are general considered below-market pricing. This is not subsidized housing. The rent or sale price is not adjusted to the income of the applicant. The units are privately owned and are not owned by the Township. The rental apartments are managed by private companies and the re-sales of the for-sale units are managed by an administrative agent hired by the Township, Princeton Community Housing Development Corporation (PCHDC). You must apply separately for rental units in Freedom Village and Birchwood at Hopewell. The contact information for these communities is listed on the Available Properties page (link to the left). In general, to be eligible for an affordable unit, you must earn a limited amount of income and have limited assets to be qualified as either a low- or moderate-income household. Low-income households are eligible for units set aside for low-income households. Moderate-income households are eligible for units set aside for moderate income households. Unit types offered for both income levels can range from studio apartments to 3-bedroom units depending upon the rental community.
How is a household defined?
The term "Household" refers to all person intending to live in one of the affordable housing units as a single housekeeping unit, whether or not they are related by blood, marriage, or otherwise. Information about all persons intending to reside in the unit is required, including income for all household members over the age of 18.
What types of affordable units are available?
Households with one or two members may be eligible for a one or two-bedroom unit, households with three members may be eligible for a two or three-bedroom unit, and households with four or five members may be eligible for a three-bedroom unit. There are no affordable units with more than three bedrooms.
Do I have to meet any other qualifications?
For Rentals: Generally, your monthly income must be approximately 3 times the monthly rent, but must also be below the maximum income limits. Contact the specific community to receive current rental rates.
You must be able to pass a background check that includes credit, criminal, landlord, and the terror watch list.
Some units are age-restricted (55+), reserved for people with disabilities, or preference is given to persons with impaired mobility.
For For-Sale Units: You must be able to qualify for and obtain a mortgage. Princeton Community Housing requires that applicants go through a bank or mortgage company to get pre-approved for a mortgage. This will give you an idea of how large a mortgage you will be able to afford. Please supply a copy of the pre-approval with your application to Princeton Community Housing. Keep in mind that not all institutions will provide mortgages for affordable housing.
You may be required to provide a 5% deposit. For example, if you are buying a $100,000 unit, you must be prepared to pay $5,000 at the contract signing.
If you are a first time home-buyer, we recommend that you take the homebuyer preparation course offered by Isles [(609)341-4731] or a similar course.
For the for-sale units, property taxes are based upon the assessment, which is based upon the affordable value of the unit. Therefore, an owner of an "affordable" unit is taxed less than if their unit was not affordable. In addition, the association fees charged to "affordable" unit is a percentage of the fees charged to market rate units.
If you have questions about purchasing an affordable unit in Hopewell Township, contact Princeton Community Housing Development Corporation at 609-924-3822.
*Occasionally, for-sale units that have been on the market for an extended period become available to households with a median income if the seller receives a hardship waiver from the Township's Affordable Housing Committee.
Is there a waiting list?
There may be a waiting list at certain times for units. Each rental management company keeps a waiting list for their community. Princeton Community Housing manages a waiting list for the Township's for-sale units.
Are there any fees or charges?
If you wish to rent, you will be responsible for a security deposit, renters insurance, and the rent and utilities. If you wish to purchase, you may be required to place a down payment (generally 5%) on the unit along with HOA and POA fees. There will also be settlement or closing charges. PCHDC charges a closing fee of 2% of the final purchase price to be paid by the seller. You are responsible for obtaining a mortgage. Housing expenses include mortgage principal and interest, property taxes, fire insurance, condominium & HOA fees, and utilities.
What if I want to buy a unit and sell it at a later date?
When you are ready to sell, you must contact the Township's Administrative Agent, Princeton Community Housing. PCHDC determines the maximum re-sale price, based on NJ COAH's Resale Price Calculator. You also may want to consider hiring a realtor.
Can I rent my unit to another person?
No. It is expressly forbidden to rent or sub-let an affordable housing unit that you own or rent. Failure to comply with this provision shall result in legal action being taken.